Shares rebound thanks to bank stocks

HA NOI (VNS) — Shares rebounded yesterday on both stock exchanges, propped up by bank stocks, after suffering a slump on Monday.

Vietcombank (VCB), Viet Nam's third-largest lender in terms of total assets, was the biggest gainer on the HCM Stock Exchange, rising 6.58 per cent to close at the four-year high of VND34,000 (US$1.59) a share. VCB was also among the top five most active stocks with 1.68 million shares traded, worth VND56.2 billion ($2.6 million).

Other bank shares including Military Bank (MBB), Vietinbank (CTG), Eximbank (EIB), Bank for Investment Development of Viet Nam (BID) and Sacombank (STB) also increased between 0.7-3.8 per cent.

The market condition was positive as gainers outnumbered losers by 132-86 while 88 shares closed flat.

The benchmark VN-Index closed the session up 0.96 per cent at 549.66 points while the VN30, which tracks the top 30 shares by market value and liquidity, also increased 1.11 per cent to stand at 606.37 points.

FLC Group (FLC) remained the most active code on trades of 9.1 million shares, but the share price rebounded 0.91 per cent from the morning's loss, closing the session at VND11,100 per share.

On the Ha Noi Stock Exchange, bank stocks also propped up the market as blue chips like Sai Gon-Ha Noi Bank (SHB) and Asia Commercial Bank (ACB) climbed by 1.3-4.9 per cent.

The HNX-Index gained 1.3 per cent to finish at 83.81 points and the HNX30, tracking the top 30 stocks by market liquidity, rallied 2.15 per cent to end at 163.14 points.

The trading atmosphere was good with advancers doubling decliners. Liquidity remained modest, however, as market volume was little changed from the previous session at 54 million shares while the value of trades dropped 10 per cent to almost VND628 billion ($29.3 million).

FLC Group investment arm KLF Joint Venture Global Investment Co (KLF) was again the most active here, with 11.7 million shares exchanged. The price also rallied 5.5 per cent after the morning's fall to settle at VND11,500 per share.

Foreign investors continued to be net buyers in the two markets yesterday, picking up shares worth VND49.25 billion ($2.3 million). — VNS